21/03/2025 Evening Reports
Wall Street Totters as Profits Fall Short and Tariff Jitters Cloud Sentiment
- US stock futures fell on Friday, with S&P 500 contracts decreasing 0.3%, as poor earnings from FedEx and Nike stoked concerns about the economy’s growth and trade tensions. FedEx fell 8% in premarket trading after lowering profit estimates, and Nike fell 7% after citing the pressure of US tariffs on imports from China and Mexico.
- The misses in earnings come before President Donald Trump’s April 2 tariff deadline and add to the market nervousness over the inflationary risks that could limit central banks’ ability to shore up slowing economies. Despite a slight gain for the S&P 500 this week after four weeks of losses, strategists warn of more growth downgrades to come.
- Global risk sentiment is still fragile. Europe’s Stoxx 600 dropped 0.5%, Turkish markets collapsed, and the lira saw its largest weekly drop in about two years following political tensions. Safe-haven demand sent gold higher, with funds recording record inflows and big banks hiking price targets. Triple witching Friday, where $4.5 trillion worth of options are set to expire, might also fuel volatility.
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